The Treasurer, Wayne Swan, has lauded Australia’s economic reforms of recent years in a speech to the Brookings Institution in Washington DC.

Swan said: “Over the past 25 years, Australia has done much to liberalise the financial sector.  But in doing so we were careful to develop a model that regulated systemically important institutions and that centralised regulation of deposit taking institutions.  In doing so we ensured clear responsibilities within our system.  This meant we were better placed than most to respond when the crisis emerged.” [Read more…]